Ciech takeover approved by Polish regulator

7:52 AM MDT | May 19, 2014 | Francinia Protti-Alvarez

Poland's competition regulator UOKiK (Warsaw) says it has approved the takeover of Ciech (Warsaw) by KI Chemistry, a subsidiary of Kulczyk Investments (Luxembourg), owned by billionaire Jan Kulczyk, since the transaction will not hinder competition in the market. Ciech is expected to remain listed on the Warsaw Stock Exchange. KI Chemistry made an offer for a 66% stake in Ciech in March this year, corresponding to 34.78 million shares valued at 29.50 zloty/share ($9.49). Kulczyk Investments is expected to fund the transaction with its own cash and with a loan...